Darryl Woods, the former CEO of a small Missouri bank, has been barred from working in the banking sector by the Federal Reserve after using federal bailout funds to buy a condo in Florida.
Woods has been issued with a Consent Order of Prohibition related to his use of Troubled Asset Relief (TARP) funds, the Federal Reserve said in a release. He agreed to that consent order.
What a Consent Order of Prohibition means is that Woods is barred from working in the banking sector moving forward.
This is separate from the criminal charges he has faced.
Last August, Woods, 48, pleaded guilty to misleading federal investigators of how he used TARP funds his bank received.
Woods was the head of Mainstreet Bank and the bank’s holding company Calvert Financial Corporation when he applied for TARP funds in November 2008. In January 2009, his bank received $1,037,000 in bailout funds. The following month, he used $US381,487 of that money to buy a waterfront condo in Fort Meyers, Florida.
He won’t serve federal prison time for using tax dollars to buy a condo, though. Last month, he was sentenced 8 months in a halfway house followed by four months house arrest and one year of supervised probation for the Class A Misdemeanour charge, ABC 17 reported.
He sold the condo in 2013, ABC17 reported.
Here’s a shot of the condo building: